Eth2 Is Fourth-Largest Staking Network

Eth2 is fourth-largest staking network. Ethereum 2.0 has already risen as the fourth-largest proof-of-stake network with a cumulative value locked in staking within about six weeks of the Eth2 deposit contract going live.

Although the withdrawal functionality is not yet enabled, and no precise estimation for its full launch date is made known, nearly $1 billion worth of Ether has already been designated for staking. According to crypto data aggregator Staking Rewards, over 1.5 million Ether or 1.35% of Ethereum’s supply has been deposited for staking.

Ether staking rewards are currently estimated at approximately 13.20%. This means that a single stake of 32 ETH would earn $2,725 over one year at the current price of round $645.

Polkadot, the brain-child of Ethereum co-founder Gavin Wood, is currently the largest staking network by TVL. Since Polkadot’s main net launch in May, the network has seen 67.51% of its supply designated for staking — valued at nearly $3.4 billion. Cardano, a rival network from Ethereum co-founder Charles Hoskinson, ranks second, with 65.53% of its supply locked since July for a staking TVL of $3.37 billion.

While Ethereum 2.0’s developers have yet to provide a precise date for when users will be able to withdraw their staked Ether, staking service provider Rocket Pool recently estimated the function may go live in the first quarter of 2021.

[image: Nick Chong]

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